Credit Suisse Looks To Speed Up Cuts As Revenue Outlook Wors...| MENAFN.COM

Thursday, 09 February 2023 06:49 GMT

Credit Suisse Looks To Speed Up Cuts As Revenue Outlook Worsens


(MENAFN- Swissinfo) Credit Suisse shares fell to a fresh record low on Thursday © Keystone / Michael Buholzer

Swiss bank Credit Suisse is looking for ways to accelerate cost cuts announced just weeks ago as client outflows and a slowdown in activity weigh on its revenue outlook, according to three people with knowledge of the talks.

This content was published on December 1, 2022 - 16:48 December 1, 2022 - 16:48 Reuters/ts

The cost savings are likely to involve more job cuts than previously announced for the first wave of reductions, including in its mainstay wealth business, said the sources, who asked to remain anonymous because the discussions are private.

Credit Suisse is cutting about 5% of its private banking headcount in the Asian financial hub of Hong Kong, two of the sources told the Reuters news agency, targeting mainly mid- and junior-level bankers, in cuts that go deeper than reductions outlined before.

Credit Suisse declined to comment on job cuts in the Hong Kong private banking business.

Credit Suisse said in October it intended to reduce its cost base by around CHF2.5 billion ($2.67 billion) to about CHF14.5 billion in 2025.

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